Standing Rule: Click on the photos for larger views.

 

Friday, May 25, 2007

The One Where The Dome Geeks Finally Hear Back From The Bank

As you may have seen, the Geekwif posted a few days ago that we were supposed to hear back from the bank about our project appraisal. Well, as it happened, we didn't get the call. The bank had not received the appraisal yet. In fact, we didn't hear a peep except one email, to say that it wasn't there yet -- until today. Today, I got the call on my cell phone, as I ate lunch with a few co-workers and was telling them how we hoped to hear from the bank "any day now, maybe even today--" bbrrrriiinnggg!!

Pretty good timing on their part, I must say. It was a pretty short conversation, but the important part is that we got a number... a good one... in fact it was $10,000 higher than last year's appraisal -- which I take for a miracle, given the current housing market in our area. What this means for us is, our budget is not only in the "sweet spot" of being 80% of the final value of the project, but in fact we are well below that 80% mark, which makes it even sweeter.

The banker still needs to find an investor willing to take on this project -- but he's already spoken with a couple of people who were open to the idea, pending a favorable appraisal. This appraisal is definitely favorable, and so he expects that one or both of them will be willing to finance the construction. Unfortunately, with this being Memorial Day weekend, and the fact that it was already after Noon on a Friday (when he received the appraisal), we probably won't hear anything again until Wednesday or Thursday next week. (Sigh) Another week of waiting. But we certainly have hope, even more hope than we had before. And for that, I am eminently thankful.

For those of you so inclined, we appreciate your prayers, and ask that you continue with us until we've signed the construction loan papers. This dream has certainly stretched our faith, and we expect it to continue that way right through to the day we move in. After that, God only knows what He has in store for us. But with each successful step forward, we see another milestone, and more evidence of His faithfulness. What more could we ask?

Tuesday, May 22, 2007

The One In Which The Geekwif Can't Sleep

See that time at the bottom of this post? Yes, it really is 3 AM. Today is the 22nd of May – the day the banker is supposed to call us with news of our appraisal. Of course, unlike me, the banker is most likely fast asleep in his bed, not the least bit worried about that call he'll be making to us later today...much later.

I, on the other hand, well I wouldn't necessarily say I'm worried, but I am a bit anxious – enough to keep me wide awake. Oh, sure I could blame it on the fan blowing my hair around making my face and neck itch; or Beethoven the cat, who decided at 2 AM it was time for me to pet him; but the truth is, it's all about the bank.

It's all about that number the banker is going to give us later today. It's all about whether we get to finally build this house after 14 years of planning and dreaming and 3 years of active work: purchasing land, lining up contractors, and pitching our project to banks. These are the real reasons that at 3:17 AM I have been awake for over an hour. And if all goes well, tomorrow will be a much less sleepless night.

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Wednesday, May 09, 2007

The One In Which The Dome Geeks Go To The Bank

That's right. We went to the bank today. We signed many papers. Don't get too excited yet. This was the initial meeting where we sign lots of preliminary papers – disclosures and permission for credit checks and good faith estimates – that sort of stuff.

The banker left us cautiously optimistic. We were very well prepared for this meeting which impressed him. We do have to have the project re-appraised. Our appraisal from last year is already outdated in this rapidly changing market. Of course, the fact that we're building a dome is a bit of a challenge in the appraisal process, but all they have to do is find one dome in our area that has sold in the last couple of years.

We came home with a little more homework which we will return to the banker by Friday and in the meantime he will be getting the appraisal started. We will have news – hopefully good – on the appraisal by the 22nd.

One more step in the right direction. It was a good meeting. I think we are both pleased with the results and of course we are hoping for a positive report to give next time we check in here. Come back on the 22nd. We should have news then, unless we are out celebrating! Then we might not post until the 23rd. :)

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